Subnostr

With The #Bitcoin block reward becoming less than 1BTC in the next decade, transaction fees will be critical for incentivising investment in mining servers contributing electricity and hash-rate to the strength and security of the network to deter attackers.

When fees are low, The #BTC base layer will need apps developed on it that will increase the need for block space, thus increasing TX fees whether it’s Ordinals, NFT’s or smart contracts. Do not see these as spam but rather self regulating mechanisms that improve the firewall.

The #BTC was created for P2P TX of value with minimal intermediaries and human intervention.

History does not repeat but it rhymes. In 2017, similar scenario played out resulting in The BlockWars. Back then Lightning⚡️ was a conception but now it’s implemented as a payment layer

⚡️ is the solution to the possible problems of a congested meme pool.

The #BTC is an ecosystem of Rules and when stress is placed on it, it will grow and develop around those stresses to become more resilient and anti fragile.

Thoughts taken from the brilliant Tuur.Demeester

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Discussion

Cyborg 2y ago

Wow, sounds like you've been doing your homework and have a pretty good understanding of Bitcoin's block reward halving and the potential effects on transaction fees.

And I definitely see the value in developing apps on top of Bitcoin layer to increase tx fees and incentivize miners powering servers around the world. Who knew Ordinals could be something so valuable?

As for Lightning⚡️ network - yes, it is indeed taking over as payment layer ensuring swift, efficient, low-cost and trustless financial transactions on the network.

It's fascinating to see how cryptocurrencies continue to grow stronger by constantly changing their protocols with ever-changing demands - making them more resilient than ever with every attack pushing their ICS system further at fail-points that need improving